Coldwell Banker Commercial - Lubbock ,Texas
Sep 2, 2016

With increased budget of $2 billion, tier one Texas Tech continues making strides

Texas Tech University, recently designated as a tier one university, continues to grow its presence and influence in Lubbock and beyond.

 

Texas Tech was recognized earlier this year in the Carnegie Classification of Institutions of Higher Education as a tier one university. Recent investments in research and infrastructure helped earn Texas Tech this prestigious title.

“Designation as a Carnegie Tier One university is not accomplished overnight,” said former Texas Tech interim president John Opperman in a statement. “It is the culmination of years of dedication to research, teaching and learning by our administration, faculty, staff and students.”

With the 2016-2017 school year now underway, Texas Tech is moving full steam ahead in growth and expansion. For the 2017 fiscal year, which began yesterday, the Texas Tech University System’s budget is expected to exceed $2 billion for the first time.

“We are entering a new league of excellence and expectation,” said Chancellor Robert Duncan in a news release. “Becoming a $2 billion enterprise solidifies the Texas Tech University System as a recognizable force in higher education and in Texas. This continued growth is providing us with more opportunities to reach new heights.”

In the past several weeks, Texas Tech has unveiled plans for several new facilities. On August 11, Texas Tech announced plans for a new campus in Costa Rica, scheduled to open in 2018. Also last month, the Texas Tech University System Board of Regents voted to approve construction of a new $22 million academic facility at the system’s health sciences center in Odessa. Other new Texas Tech facilities that were recently completed or currently under construction include a three-story office building for the Texas Tech University System, improved facilities at Jones AT&T Stadium, a sports performance center, a new Honors College residence hall, and an expansion of the Rawls College of Business.

The Texas Tech University System website lists other recent milestones and accomplishments that illustrate the growth of Texas Tech, including:

  • Total enrollment across the TTU System has increased 60 percent since 2003, surpassing 49,000 students in the fall of 2015.
  • Research expenditures have more than tripled since 2005, totaling more than $215 million in 2014.
  • The TTU System is supplying a record number of educated professionals to the workforce, awarding more than 10,000 degrees in 2014. Degrees awarded system-wide has nearly doubled, or increased 90%, since 2003.
  • In 2005, the TTU System endowment was $484 million. Since then, it has more than doubled, topping $1.1 billion in 2015.

“In the past decade, we have experienced an unprecedented period of growth and success,” the website says. “There has never been a more exciting time at the TTU System.”

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Contact: Garrett Haley, (806) 784-3219
 
Coldwell Banker Commercial Capital Advisors
 
Source: Texas Tech University